Fluence Energy surprised Wall Street late Tuesday with its fiscal fourth-quarter earnings and revenue, as the renewable energy storage company posted its first-ever quarterly profit and better-than-expected sales. Meanwhile, Fluence Energy also forecast bullish 2024 revenue. FLNC shares soared Wednesday.
The Arlington, Va.-based Fluence Energy reported Q4 earnings of 10 cents per share, up from a loss of 24 cents per share a year ago, with revenue growing 52% to $673 million. Analysts had expected a 7 cent per share loss and sales of $511 million.
The company — a joint venture between manufacturing giant Siemens and electric power utility AES — also initiated fiscal 2024 revenue guidance in the range of $2.7 billion-$3.3 billion. Fluence Energy is also predicting adjusted EBITDA of $50 million-$80 million.
"As we look ahead, our market outlook is more robust than ever. We see a world hungry for sustainable energy solutions, and we believe that Fluence is at the forefront, ready to meet that demand head-on," Chief Executive Julian Nebreda said in the earnings release.
Fluence Energy stock surged 23.8% to 25.10 Wednesday during market trade. On Tuesday, FLNC shares jumped more than 6% to 20.27. Shares had an 18% gain for the year through Tuesday.
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